OT: Ray, how's your Bitcoin investment going?

[fiamme red]

Interesting article showing how Musk's tweets have influenced Bitcoin prices: https://www.vox.com/recode/2021/5/18...o-prices-tesla.

“There’s little question after last weekend’s price action that a tweet from Elon Musk can move the price of bitcoin,” Galen Moore, director of data and indexes at CoinDesk, told Recode. “In cryptocurrencies, it’s as important to understand memes and the social layer as it is to understand the technology and game theory that make bitcoin a secure network.”

He added, “It also raises uncomfortable questions about price manipulation.”

[zmalwo]

Interestingly enough, I sold all of my crypto positions right before the first dip, literally on the last small up tick. I just somehow had a gut feeling that things are about to turn bad even before Elon's tweet and China's ban. So glad I did that.

[Tony T]

“30 for 30”
30,000
-30%

[fiamme red]

Originally Posted by Tony T

“30 for 30”
30,000
-30%

That would have been a great moment to buy!

[R3awak3n]

Originally Posted by zmalwo

Interestingly enough, I sold all of my crypto positions right before the first dip, literally on the last small up tick. I just somehow had a gut feeling that things are about to turn bad even before Elon's tweet and China's ban. So glad I did that.

smart. I have very little so not enough to sell but I said if I had thousands or millions in crypto I woulda sold. Its not good to be greedy. This is going down down down

[verticaldoug]

Originally Posted by R3awak3n

smart. I have very little so not enough to sell but I said if I had thousands or millions in crypto I woulda sold. Its not good to be greedy. This is going down down down

The question is if you had sold, have you actually been able to get hard USD out, or just tether.

[R3awak3n]

Originally Posted by verticaldoug

The question is if you had sold, have you actually been able to get hard USD out, or just tether.

its a good Q that I can't answer but I am sure you coulda got many thousands out of it, full millions? I am not sure.


I wonder if that kid from the wealth thread is trying to return his tesla

[zmalwo]

Originally Posted by verticaldoug

The question is if you had sold, have you actually been able to get hard USD out, or just tether.

i bought and sold at multiple price points since a few years ago, but my last position for bitcoin was bought in at $55k average and was planning to hold it for long. So I dodge a huge bullet.

[verticaldoug]

Originally Posted by zmalwo

i bought and sold at multiple price points since a few years ago, but my last position for bitcoin was bought in at $55k average and was planning to hold it for long. So I dodge a huge bullet.

You only dodged a bullet in the sense your loss is still unrealized, but you are still down mark to market.

Only question is with a $ -18,000 unrealised loss per token < the sum of your previous realized gains/ token?

Obviously, if you went in smaller now, you can still be up mark to market on everything which would be pretty good trading in my book. My experience is most people are biggest at the top.

[jkbrwn]

l o l


'But bitcoin is a real viable currency that will replace Fiat one day'


uh huh

[fiamme red]

Bitcoin is now back up to $40,000. I expect it will be back to $50,000 in a few days.

[zmalwo]

Originally Posted by verticaldoug

You only dodged a bullet in the sense your loss is still unrealized, but you are still down mark to market.

Only question is with a $ -18,000 unrealised loss per token < the sum of your previous realized gains/ token?

Obviously, if you went in smaller now, you can still be up mark to market on everything which would be pretty good trading in my book. My experience is most people are biggest at the top.

A lot of big words that I don't understand but I sold mine at $57000 so dodged a bullet and made some

[jimoots]

Originally Posted by zmalwo

A lot of big words that I don't understand but I sold mine at $57000 so dodged a bullet and made some

He's basically saying that you only lose (or make) money when you go in/out of it.

You may have dodged a bullet short term but unless you buy back in now at a lower price, then you miss the opportunity for the real money which is going long, riding the volatility and reaping rewards when its 10x+.

BTC is a wild ride and while you can't predict the future, it is a 'bet' that has huuuuuuge upside and not a lot of downside.

Best advice you can get for trading stock or crypto is do your research, build your case for why you believe the stock/crypto is undervalued versus the price it will be in 5-10 years, buy it and then only ever sell when the case you built is invalidated.

The markets are a short term voting machine, long term weighing machine (Benjamin Graham). Value comes out in the long run, don't be guided by the short term swings.

[MattTuck]

So... Elon musk is skeptical and china doesn't like crypto
.... Doesn't change my thesis that there is a non-zero probability that cryptocurrency is a once in a generation (maybe even less frequent) birth of a new asset class.

[dbnm]

bought at $33k.